The emerging affluent in Singapore are not hitting their retirement goals because they underestimate their retirement needs and start saving late, a new survey has found.

The survey's findings, released by DBS Bank on Wednesday, showed that 73 per cent of the 800 respondents polled plan to retire at between 55 and 65 years old and have average savings of S$571,715 (US$457,903)

More than 85 per cent expect to live on a retirement income of S$3,500 (US$2,803) per month, for the next 15 to 20 years and more.

The bank said: "This reflects a gap as the retirement fund would last them for 13 years, which falls short of the average life expectancy in Singapore."

The survey noted that for Singapore residents born in the 1980s, the average life expectancy is 70 to 75 years, while those born in the 2000s have an even longer life expectancy of 80 to 84 years.

The emerging affluent are defined as Singapore residents aged 18 to 29 with a personal monthly income of more than S$2,000 (US$1,602), and those aged 30 to 59 with a personal monthly income of more than S$5,000 (US$4,005).

The survey also found that while providing for retirement is a priority for 76 per cent of respondents, only 49 per cent have a financial plan.